COMMON STOCK, STOCK-BASED COMPENSATION AND WARRANTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| COMMON STOCK, STOCK-BASED COMPENSATION AND WARRANTS |
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| Schedule of warrants fair value assumptions |
| | | | | | | | | | Series A Right Warrant | | Series B Right Warrant | | Common Stock Price as of Issuance Date | | $ | 0.94 | | $ | 0.94 | | Risk-Free Rate | | | 4.31 | % | | 4.27 | % | Dividend Rate | | | 0.00 | % | | 0.00 | % | Volatility | | | 88.90 | % | | 97.19 | % | Minimum Exercise Price | | $ | 1.00 | | $ | 2.00 | | Maximum Exercise Price | | $ | 2.00 | | $ | 4.00 | | Formula for Exercise Price | | | 90% of the 5-day volume weighted average stock price as of the exercise date rounded down to the nearest cent, not to fall outside the range of the maximum and minimum exercise prices. | |
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| Schedule of stock-based compensation expense |
| | | | | | | | | Three Months Ended June 30, | Stock-based compensation expense by category | | 2026 | | 2025 | | | | (amounts, in thousands) | Cost of goods sold | | $ | 18 | | $ | 32 | Research and development, net of grant income | | | 72 | | | 110 | Selling, general and administrative | | | 278 | | | 429 | Total stock-based compensation expense | | $ | 368 | | $ | 571 |
| | | | | | | | | Six Months Ended June 30, | Stock-based compensation expense by category | | 2026 | | 2025 | | | | (amounts, in thousands) | Cost of goods sold | | $ | 49 | | $ | 88 | Research and development, net of grant income | | | 166 | | | 247 | Selling, general and administrative | | | 697 | | | 1,056 | Total stock-based compensation expense | | $ | 912 | | $ | 1,391 |
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| Schedule of stock options activity |
| | | | | | | | | | | | | | | Weighted | | | | | Weighted | | Average | | | | | Average | | Remaining | | | | | Exercise Price | | Contractual | | | Shares | | per Share | | Life (Years) | Outstanding, December 31, 2025 | | 10,988,604 | | $ | 3.58 | | 5.98 | Granted | | 799,847 | | | 0.65 | | — | Exercised | | — | | | — | | — | Forfeited | | (100,666) | | | 1.56 | | — | Expired | | (929,115) | | | 3.81 | | — | Outstanding, June 30, 2026 | | 10,758,670 | | $ | 3.36 | | 6.08 |
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| Schedule of options fair value assumptions |
The Company estimated the fair value of stock options granted during the six months ended June 30, 2026, which was approximately $0.38 million, using a Black-Scholes pricing model with the following inputs: | | | | | Exercise price (per share) | | $ | 0.65 - $0.67 | | Expected volatility | | | 80.9 | % | Expected term* | | | 6.5 years | | Risk-free rate | | | 3.74% - 4.04 | % | Dividends | | | 0 | % |
*The expected term of the options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The simplified method is used as the Company’s employee exercise history may not be indicative for estimating future exercises. In addition, the Company recognizes forfeitures as they occur.
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| Schedule of intrinsic value |
The intrinsic value is calculated as the difference between the market value of the shares as of June 30, 2026 of $0.37 and the exercise price of the shares. | | | | | | | | | | | Options Outstanding | | | Number | | Weighted | | Weighted | | Aggregate | Range of | | Outstanding at | | Average | | Average | | Intrinsic | Exercise | | June 30, | | Exercise | | Remaining | | Value | Price | | 2026 | | Price | | Life (Years) | | (in thousands) | $0.65 - $12.25 | | 10,758,670 | | $ | 3.36 | | 6.08 | | $ | — |
| | | | | | | Options Exercisable | Number | | Weighted | | Aggregate | Exercisable at | | Average | | Intrinsic | June 30, | | Exercise | | Value | 2026 | | Price | | (in thousands) | 8,814,338 | | $ | 3.79 | | $ | — |
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| Schedule of company's non-vested options |
| | | | | | | | | | Weighted | | | | | Average | | | | | Exercise | | | Shares | | Price | Non-vested, December 31, 2025 | | 2,319,974 | | $ | 1.03 | Granted | | 799,847 | | $ | 0.65 | Forfeited | | (100,666) | | $ | 1.56 | Vested | | (1,074,823) | | $ | 0.75 | Non-vested, June 30, 2026 | | 1,943,332 | | $ | 0.95 |
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| Schedule of outstanding balance of restricted stock units |
| | | | | | | | | Weighted | | | | | Average | | | | | Grant Date | | | Total | | Fair Value | | | | (amounts in thousands, except share data) | Outstanding, December 31, 2025 | | 2,754,000 | | 5.60 | Granted | | 73,000 | | 0.65 | Vested | | — | | — | Forfeited | | (184,750) | | 4.39 | Outstanding, June 30, 2026 | | 2,642,250 | | 5.66 |
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| Schedule of the restricted stock unit activity |
| | | | | | | | | | Weighted | | | | | Average | | | | | Grant Date | | | Shares | | Fair Value | Non-vested, January 1, 2026 | | 775,301 | | $ | 0.99 | Granted | | 25,000 | | | 0.65 | Vested | | (151,500) | | | 0.93 | Unvested shares forfeited | | (40,000) | | | 1.03 | Non-vested, June 30, 2026 | | 608,801 | | $ | 0.98 |
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